Time for another update, Rick.  You probably already know this, but Adobe Premier Pro CS4 now offers native AVCHD editing (without the cumbersome transcode to AIC).  It's also supposed to let you browse and import AVCHD assets directly from tapeless cameras using the “Media Browser” in the app, but it still looks a lot like a file browser, and Adobe have done a lousy job disclosing what cameras work 100% with it.  For instance, my Sony HDR-SR11 does show up as an external device, and I can browse and edit the AVCHD assets by name (as named by the camera's OS), but I can't see thumbnails of the clips or preview them before importing, as I can in iMovie '08.

On the other hand, if you already know which clips you want to use from the camera, you can copy them over like pulling any file off an external drive over USB, import them into Premier Pro CS4, and start editing immediately.

Considering the dodgy camera compatibility and lack of pre-import preview options, I'm calling this a 60% solution.